Bloomberg reports that Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product.

Bullard called for a powerful fiscal response to replace the $2.5 trillion in lost income that quarter to ensure a strong eventual U.S. recovery, adding the Fed would be poised to do more to ensure markets function during a period of high volatility.

Bullard also said he expects an unprecedented 50% plunge in gross domestic product.

"Everything is on the table," he said, referring to additional lending programs from the Federal Reserve. "There is more that we can do if necessary... There is probably much more in the months ahead depending on where Congress wants to go."

With the appropriate measures, Bullard said he's looking for activity to rebound quickly.

"I would see the third quarter as a transitional quarter," with the following six months "quite robust" as Americans ramp up consumerism. "Those quarters might be boom quarters," he said.